Man dishes out billions

2006-06-26 08:26

New York - Warren Buffett, the world's second richest man, plans to give away 85% of his fortune of more than $40bn to charity including one run by Bill Gates, the wealthiest man on the planet, Fortune magazine reported on Sunday.

Buffett, 75, pledged in an interview with Fortune to give away 85% of his stock in his Berkshire Hathaway investment firm starting in July.

"I know what I want to do," he was quoted as saying, "and it makes sense to get going".

The shares will go to five foundations. More than 80% will go to the Bill and Melinda Gates Foundation which already has a kitty of about $30bn used to pay for medical research and give educational grants.

Buffett and the Gates' are close friends. According to Fortune, Buffett plans to eventually become a trustee of the Gates foundation.

Fortune magazine estimated earlier this year that Buffett has a fortune of about $44bn. Gates has about $50bn.

- AFP